Historic Savannah Foundation, an organization established to preserve and protect Savannah’s heritage, has sold a home held in its revolving fund to local designer Lonnie Coulter.

The 2,700-square-foot home at 1004 E. Park Ave. was built by architect Cornelius Vorhees Snedeker between 1893 and 1898 and served as a private residence and nursery school over the years.

“This house received more interest than any other property in our revolving fund’s recent history, but the size of the property and the extent of the needed repairs intimidated a number of prospective buyers over the past five years,” said foundation president and CEO Daniel Carey.

“Lonnie is the right person at the right time, and we’re thrilled with his enthusiasm and sincerity.”

The foundation bought the three-bedroom Victorian structure, located between Waters Avenue and Ott Street, in 2008 and stabilized the property before listing it for sale.

Coulter said he likes the home’s unusual form.

“In fact, I haven’t seen another home like it in Savannah or elsewhere,” he said. “The small details found all around the house show how much our way of building has changed in the past century.”

Coulter said he plans to renovate the structure, which will serve as his primary residence. He will restore the interiors and exteriors and update the home’s existing systems, keeping the original layout intact.

As a condition of the closing, substantial work must begin in earnest within six months and must be completed within 24 months. Coulter said he intends to take advantage of state and federal rehabilitation tax credits.